Metro Line 2 Route
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The Ho Chi Minh City Metro Line 2 project (Bến Thành – Tham Lương) has been proposed to be continued with the city’s budget instead of ODA loans. This decision was made by the Party Committee of the Ho Chi Minh City People’s Committee after a recent meeting regarding the proposal for the project’s implementation.
Accordingly, the Party Committee of the Ho Chi Minh City People’s Committee agreed to use the city’s budget to continue the construction of Metro Line 2 (Bến Thành – Tham Lương) and to include the construction of a connecting work between Metro Line 1 and Metro Line 2 at Bến Thành station in the Metro Line 2 project.
The Party Committee assigned the People’s Committee to direct the Urban Railway Management Board to coordinate with departments, branches, and related units to urgently complete the implementation plan for Metro Line 2 project; report on the comprehensive assessment of emerging issues (legal, financial, diplomatic, etc.); and study and supplement the EPC mechanism into the urban railway development project according to Conclusion No. 49-KL/TW of the Politburo.
“It is necessary to determine that Metro Line 2 must be a pilot project for the policies from the urban railway development project according to Conclusion No. 49-KL/TW of the Politburo,” the Party Committee of the Ho Chi Minh City People’s Committee stated. “Research and supplement policies to perfect the implementation plan for Metro Line 2 project to ensure the set plan; report to the People’s Committee to submit to the Party Committee of the People’s Committee before November 28, 2024, for submission to the City Standing Committee,” they added.
Meanwhile, the State-owned Financial Investment Company, in coordination with the Department of Finance and related units, will study and advise the Ho Chi Minh City People’s Committee on appropriate capital mobilization methods to implement the Metro Line 2 project.
The Bến Thành – Tham Lương metro project has a total investment of VND 47,890 billion, with the majority being ODA loans (about VND 37,487 billion). The investor is the Ho Chi Minh City Urban Railway Management Board, with ODA loans from 3 sponsors: the Asian Development Bank (ADB), the German Reconstruction Bank (KfW), and the European Investment Bank (EIB).
The 11-kilometer-long Metro Line 2 includes a 9-kilometer underground section with 10 stations (9 underground stations and 1 elevated station). The project runs through 6 districts of Ho Chi Minh City: District 1, District 3, District 10, District 12, Tan Binh, and Tan Phu.
According to a recent report by the investor, 5 loan agreements have been signed with ADB, KfW, and EIB. However, all agreements have now expired. Previously, the investor advised the People’s Committee to coordinate with ministries to carry out procedures for the extension of old loans and the preparation of new supplementary loans for the project.
However, according to the investor, the financial arrangement for the project has been delayed and changed compared to the initial plan and legal framework due to changes in lending conditions and the process of considering the provision of ODA loans by the sponsors (from mid-August 2024).
Nhat Quang
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